Open Thread: Does JPMorgan CEO Dimon deserve $23 million?
Jamie Dimon is the chief executive officer of JPMorgan Chase.
May 15th, 2012
10:03 AM ET

Open Thread: Does JPMorgan CEO Dimon deserve $23 million?

Jamie Dimon, the CEO of the nation's largest bank, JPMorgan, went before before shareholders at the company's annual meeting Tuesday and had his $23 million pay package approved, CNNMoney.com reports.

The meeting came  just days after the bank disclosed a $2 billion trading loss, an event that led to the departure of its chief investment officer and forced its CEO to apologize for what he called "a terrible mistake."

Dimon, who also serves as the bank's chairman, faced shareholders who have seen the company's stock decline by more than 14% over the previous five trading sessions.

In the wake of the 2008 financial crisis, shareholders have looked upon the nation's largest banks with increased scrutiny, and have often used shareholder meetings to push an agenda of reform.

Read about how JPMorgan made its multi-billion dollar blunder, and how Dimon gets $23 million for 2011 and bragging rights and then let us know in the comments section how you feel about the CEO's $23 million compensation package.

Do you think Dimon should get that kind of compensation? Does he deserve the pay considering how much his company profits or does a message need to be sent to major bank executives? Let us know below and we may feature your comments on CNN.com

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Filed under: Business • Economy • Finance
soundoff (871 Responses)
  1. Guest

    If you do not currently own shares of JP Morgan, your opinion on the CEO's compensation doesn't matter. Crawl back under your bridges, trolls.

    May 15, 2012 at 4:09 pm | Report abuse |
  2. Jimmy

    I find it absolutely bizarre that the salaries, compensation, and a companies $2B loss on a trade (which represents 1/2% of their cash on-hand) is treated like it is the general public's business and like it is public money. The only people who should have any interest in this are the shareholder.

    May 15, 2012 at 4:10 pm | Report abuse |
    • cj

      You are absolutely right. Unfortunately, this board will be filled with the irrelevant opinions of busy bodies who have no stake in JP Morgan, and will rail about his $23M salary, but they watch their favorite pro athlete who makes more, and will say nothing about that.

      May 15, 2012 at 4:20 pm | Report abuse |
    • leakee

      Actually JPMorgan is a publically traded company (JPM), not private.

      May 15, 2012 at 4:22 pm | Report abuse |
  3. RRoger

    I don't understand, how is it anybody's business? J.P.Morgan is a private corporation, it is up to shareholders to decide what compensation the CEO should get. Personally, I think it is too high. However, even if shareholders want to give 100 million $, that is nobody's business. So my advice to everybody is, but out.

    May 15, 2012 at 4:10 pm | Report abuse |
    • KennyEee

      What? You next to get a hand out at JP?

      May 15, 2012 at 4:16 pm | Report abuse |
    • Ike

      It IS our BUSINESS WHEN WE, the taxpayers, have'ta BAIL THEM OUT!

      May 15, 2012 at 4:17 pm | Report abuse |
    • ebwollet888

      I think the question was "Does JP Morgan CEO Jamie Dimon deserve $23 million?" not "Should the government regulate golden parachute bailouts for CEOs?" The first question has an obvious answer: No, Jamie Dimon does not deserve $23 million. The second question (the one you answered) has a more complicated answer, because big banks (like JP Morgan Chase) receive government subsidies (yep, it's true...and both Repubs and Dems are guilty of providing subsidies for large banks). So, should the taxpayer be beholden to a CEO who failed? My answer: No, never. Your answer may be different, though.

      May 15, 2012 at 4:23 pm | Report abuse |
  4. KennyEee

    Who does deserve that kind of money? Maybe a president or a military general but no not even them. To give this jerk 23 mil lion is just just plain nuts. And after a 2 billion loss? JP needs to tighten up like we have to do when the cash floow gets smaller or there is a loss.

    May 15, 2012 at 4:11 pm | Report abuse |
    • Jimmy

      Thats just silly. The $2B loss represents 1/2 a % of their cash on-hand. As in, you have $100 and lose $0.50

      May 15, 2012 at 4:12 pm | Report abuse |
    • Harvesting

      Yet the Govenor of California made a 7 Billion dollar mistake yet no one is asking that he be removed from office and that is tax payers money. I am glad I do not live in Cali. Do you own JP stock? Why do you care?

      May 15, 2012 at 4:23 pm | Report abuse |
    • MJDosen

      No way he deserves such money! Amazing, and this huge loss occurred on HIS watch, yet he's still rewarded with a very, very large pay package! Yes, the public will have to bail out his company, so it -is- our business! Just amazing!!! 'Guess all of the story hasn't been told.

      May 15, 2012 at 4:25 pm | Report abuse |
  5. aaavasque

    my two cents: The actual crisis was created by wall street by doing exactlly the same bets than in this case. Our homes lost signficant value, many people lost jobs, still employemnt rate is around 8% after several years. Government has spent billions to rescure banks "too big to fail". Where is the punishment for these folks? More regulation is needed if Government needs to secure investments used for these bankers to bet and profit. WE DEMAND BETTER LAWS that address wall street behavior. If they use their own money, nobody cares. But if the expectation is a rescue by taxpayers money then regulation is required. This foilk does not deserve the paycheck. Why does he still has a job? I love to see him fired.

    May 15, 2012 at 4:12 pm | Report abuse |
    • KennyEee

      You are 100% correctr!!

      May 15, 2012 at 4:13 pm | Report abuse |
    • Harvesting

      Curious how do you feel about the Govenor of California making a 7 billion dollar budget mistake?

      May 15, 2012 at 4:25 pm | Report abuse |
  6. KennyEee

    I wish Jamie would see what I wrote but the greed would be to big of an obstacle to over come.

    May 15, 2012 at 4:12 pm | Report abuse |
  7. David

    There is a huge difference between well-paid athletes, entertainers, etc. and JP Morgan execs. Athletes and entertainers earn their money the old-fashioned way...they work for it. Their pay does not put us all at risk when they fail to perform...and they don't earn their pay by gambling with depositors' money.

    May 15, 2012 at 4:13 pm | Report abuse |
    • carmelguy1975

      David your logic is so flawed. To say that executives do not work hard. To say that the decisions they make (often that have an impact on 10 of thousands ...if not hundreds of thousands of employees in this case) don't impact on their personal and professional lives is so out of line you need to reality check yourself. An entertainer works hard...sure...but three months’ worth of work...and George Clooney can earn $20 million. Are you really trying to say that is even comparable???? REALLY???? Are you honestly trying to stand up for that argument? At least have the decency to say they are ALL over paid.

      May 15, 2012 at 4:23 pm | Report abuse |
    • Harvesting

      JPM did not take ANY money from the bailout so get off your high horse. I noticed you are not mad at the Govenor of California who just made a 7 Billion dollar mistake in the budget.

      May 15, 2012 at 4:29 pm | Report abuse |
  8. Dick

    Nobody deserves $23M per year, especially when millions of people in this country are working for $8 or $10 per hour. If we guess that the average worker makes let's say $25,000, then we're saying that Mr. Dimon is worth 920 average workers in this country. Someone should go to JPMorgan, pick 920 workers at random and tell them to stay home today because Mr. Dimon believes he can do all of their jobs... simultaneously. Executive salaries, as well as those of celebrities and superathletes, should have some relationship with the wages earned by the rest of our society. Maybe is his salary was lower his bank could charge a lower monthly service fee on deposit accounts and the rest of us could catch a break.

    May 15, 2012 at 4:13 pm | Report abuse |
    • cj

      You deserve $23M a year when you create 50-100x more in additional value for the owners. If he is paid too much, it is the owners' problem, not yours.

      May 15, 2012 at 4:23 pm | Report abuse |
    • carmelguy1975

      YES DICK...let Socialism ring. I can't tell you how much i long for the days when we should spread the wealth across all. Let doctors, and athetes, bankers, taxi cab drivers, and waiters all make the same. Let us stop rewarding hard work, ambition and the like.

      May 15, 2012 at 4:27 pm | Report abuse |
  9. KennyEee

    Even if there wasn't a 2 billion loss and it was a 2 billion gain he ins't worth that kind of money!!

    May 15, 2012 at 4:18 pm | Report abuse |
  10. AllYourBase

    Does he deserve it? Of course not. I'm not sure anyone, even the most fantastic employee in the world, deserves that amount of money. But this is what capitalism is all about. Should we really be surprised that big-time executives at big-time companies get millions of dollars? This has been going on for decades. Only difference now is that the gap between those really uber rich and the uber poor is widening, as less opportunities exist for those of us stuck in the middle. So we just get angrier when we hear about this.

    May 15, 2012 at 4:19 pm | Report abuse |
  11. GeeZee

    NO and Hell NO! I'm sorry, noboby deserves that much money for doing a job. And I'm sure that's not even all he makes – stock options, etc probably add up to about the same. It's ridiculous. I doubt he owes any taxes either.

    May 15, 2012 at 4:19 pm | Report abuse |
  12. Khosrow Mobayen

    He is a crook.

    May 15, 2012 at 4:19 pm | Report abuse |
  13. Keith

    I am a J.P. morgan shareholder and it's nobodies freaking business what we pay the guy who works for us

    May 15, 2012 at 4:19 pm | Report abuse |
  14. Ivan

    What kind of readership does CNN have today? These comments are so ignorant. Do you not understand the value of a C.E.O. and what they are responsible for? Look at the total worth of the orginization Dimon is running. As a banker Dimon is considered one of the best. Yes "The Buck Stops" with Mr. Dimon, so does the size and scope of his responsibilities. Think people, the country is in bad shape because of the ignorance of the average American, who by the way had little or no reason to invest in mortgages that they couldn't possibly afford. Personal responsibility has long since left this country. If you are a stock holder, you want to pay a premium to get an exceptional C.E.O. or else you are foolish in your investment.

    May 15, 2012 at 4:20 pm | Report abuse |
    • Khosrow Mobayen

      He knew EXACTLY what was going on and waited too long, please stop this non sense about the CEO!

      May 15, 2012 at 4:25 pm | Report abuse |
  15. sickCEO

    I am teaching my son to lie and steal from everyone. When I ask him to help me I pay him extra if he does a bad job. My thinking is that when I get old I will not be able to collect social security. He would have had all the training he needs to be a CEO and will be able to take care of me in my old age.

    May 15, 2012 at 4:20 pm | Report abuse |
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